Business & Finance Springfield, MA
Pop. 155,929
Loan Officer Salary in Springfield, Massachusetts
The median loan officer salary in Springfield, MA is $69,027 per year, which is 5.0% above the national median and 26.1% below the Massachusetts state average.
City Median
$69,027
vs State Avg
$-24,324
vs National
+$3,287
Cost of Living
98%
Loan Officer Salary in Springfield by Experience
In Springfield, an entry-level loan officer earns around $39,900, while experienced professionals earn up to $136,500 per year. The local cost of living index is 98% of the national average.
Entry Level (0-2 yrs)
$39,900
+$1,900 vs national
Mid Level (3-7 yrs)
$69,300
+$3,300 vs national
Senior Level (8+ yrs)
$136,500
+$6,500 vs national
Salary Percentiles in Springfield, MA
| Percentile | Springfield |
|---|---|
| 10th Percentile | $36,960 |
| 25th Percentile | $47,670 |
| Median (50th) | $69,027 |
| 75th Percentile | $105,000 |
| 90th Percentile | $161,490 |
Loan Officer Salary in Other Massachusetts Cities
How to Become a Loan Officer in Springfield
Education
Most loan officer positions require a bachelor's degree. Springfield and the surrounding Massachusetts area have institutions offering relevant programs.
Key Skills
Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software
Job Outlook
Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Springfield may vary based on local industry and population growth.